Can we renegotiate after referendum

mattk_180

indianabones wrote: »

I've halted my search for a home until probably Oct/Nov this year when post Brexit we'll have a better idea where we are market wise.

Interested to hear your views on why you think the market will be any better or worse in 2 months time?


Surely "Brexit" is only really going to change at 2 stages - once article 50 has been invoked and when we are actually out 2 years after.

DRP

indianabones wrote: »

A lot of one sided and crap replies in this thread.

Firstly it's your money and a lot of it. If the market determines that prices are currently stagnating or even dropping in some areas, then you sure as hell should be trying to get a reduction.

As some of the others have pointed out though, if you do try to renegotiate be prepared to lose it.

I know people who were haggling over price and extra bits right until the exchange, in most cases a middle ground was found.

I've halted my search for a home until probably Oct/Nov this year when post Brexit we'll have a better idea where we are market wise, but if I were in your shoes I would definitely ask for a reduction. If they pull out then good luck to them. I've posted on this forum in the last 2 weeks plenty of links to houses coming back on the market or being reduced in Birmingham.

Some sellers like the ones on this thread won't like renegotiation, but if the market determines prices are coming down then they'll just have to suck it up.

Don't be put off by the people in this thread, you don't have to guess twice to figure out they're all homeowners with a lot of equity and made full use of the housing bubble that was created pre-2008.

We won't be post-Brexit in Oct/Nov.

indianabones

You know what I meant regarding Brexit, I meant post Brexit vote.

Since the average sale take about 10-14 weeks, it's later in the year we'll know for sure from house prices if anything did happen post the referendum.

AnotherJoe

indianabones wrote: »

You know what I meant regarding Brexit, I meant post Brexit vote.

Since the average sale take about 10-14 weeks, it's later in the year we'll know for sure from house prices if anything did happen post the referendum.

If anything happens re falls its far more likely to be over the next two to five years than in the next couple of months. There will be plenty of scare headlines coming up over that period which will spook some. All you'll be looking at in October is about 2 months worth of data in the immediate aftermath which is not enough to guess at any trend at all.

indianabones wrote: »

Secondly yes if the seller wants more they can feel free to ask for more. So just as you are saying that you'd tell a buyer to get lost if he wanted a reduction. Then buyer than can also tell the seller to get lost if he asks for more.

Remind me never to buy a house from you as you'd be looking to screw me over one way or another then.

nkomp18

My experience is that you should renegotiate and the seller won't budge, then let him find someone else.

I have 2 friends both looking for flats in London (one of them in Greenwich and the other one in Richmond). Both of them offered 15k and 20k less after the referendum result and the sellers didn't agree. But they managed to find bigger and much nicer properties for less couple of weeks later so they are very pleased and utterly delighted.

Truth is, those who believe that the referendum result is good for the country will stick to their guns. But those who believe it will lead to a long term recession will agree to lower the price of the property so it is in your best interest to renegotiate, no matter what the result because there will be a lot of properties that will drop in price

Vectis

So, you make a revised offer and, possibly, it's accepted. Then, a few weeks later you notice that the estimate on Zoopla has changed again, do you make another offer? And another a few weeks after that? Where and when do you draw the line? The day you exchange contracts would you be checking Zoopla that morning in case you want to revise your offer at the last minute?

To be honest, you sound like a nightmare buyer. If you came to me with the Zoopla reason for a new, lower offer I'd be re-marketing straight away.

But hey, it's not illegal. Mess the vendor around if you want but don't expect a warm, friendly response.

lydriver

I wouldn't buy somewhere I couldn't afford, that would be mental!

sheff6107

We felt it was better to be honest to the vendor and say that we feel the offer is over market value due to changes in the market since the referendum. We assumed that presented with the facts the vendor would be realistic about it and be open to the discussion at least.

In that case, ask for a 1.2% reduction. That is the amount asking prices dropped in July according to Rightmove.

You'll have an issue justifiying a drop in price though when that 1.2% is the same reduction we see every summer during the quiet period.

AnotherJoe

sheff6107 wrote: »

In that case, ask for a 1.2% reduction. That is the amount asking prices dropped in July according to Rightmove.

You'll have an issue justifiying a drop in price though when that 1.2% is the same reduction we see every summer during the quiet period.

And then in September the seller asks for a 1.5% uplift "as thats how much house prices rise in September"

abankerbutnotafatcat

The FTBers at the foot of our chain renegotiated after Brexit - the selling agent advised his clients that their property wouldn't now achieve the same price it had done in Spring but that the requested reduction was about twice the market decline so it was half met. We accepted a reduction to keep our buyer but couldn't pass it on even in part and as we felt we too were paying a premium from Spring that is no longer market we decided we couldn't absorb the reduction so withdrew our offer to avoid being vulnerable by buying at potentially the top of the market but receiving a post-Brexit price.